Lazard describes the situation in 2001, and provides a context for the subsequent negotiations between the President and his handpicked successor. In 2001, Lazard, the last of the great houses of investment remains both private and in control of its founding family, is in a state of decline. Internal struggle in the 1990s led to the flight of talent that has left many wondering if Lazard could compete with diversified financial giants of the 21st century. He also left Chairman Michel David-Weill looking for a successor. David-Weill believes he found one in M & star Bruce Wasserstein: going into their negotiations, which should be the strategy Wasserstein's "Hide
by Guhan Subramanian, Elliot Sherman Source: HBS 16 pages. Publication Date: 05 June, 2007. Prod. #: 907046-PDF-ENG
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